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  Title	ChargePoint Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results
  ID	7477296
  External ID	210500499
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  Published Date	March 4, 2025, 3:05 p.m.
  Summary	Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now ChargePoint Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results Business Wire Tue, Mar 4, 2025, 1:05
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  Content ID	4782542
  Key	32f0d7e5-52cd-4d25-9cc9-48adf8feeb8b
  Content	Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now ChargePoint Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results Business Wire Tue, Mar 4, 2025, 1:05 PM 16 min read In This Article: CHPT +7.39% Fourth quarter fiscal 2025 revenue of $102 million and full fiscal year revenue of $417 million Fourth quarter fiscal 2025 GAAP gross margin of 28% and non-GAAP gross margin of 30%; full fiscal year GAAP gross margin of 24% and non-GAAP gross margin of 26% Fourth quarter fiscal 2025 subscription revenue of $38 million representing 14% year-over-year growth; full fiscal year subscription revenue of $144 million representing 20% year-over-year growth Fourth quarter fiscal 2025 GAAP operating expense of $84 million and non-GAAP operating expense of $52 million, representing 27% and 30% year-over-year reduction; full year fiscal 2025 GAAP operating expense of $354 million and non-GAAP operating expense of $243 million, both representing 26% year-over-year reduction ChargePoint guides to first quarter fiscal 2026 revenue of $95 million to $105 million CAMPBELL, Calif., March 04, 2025 --( BUSINESS WIRE )-- ChargePoint Holdings, Inc. (NYSE:CHPT) ("ChargePoint"), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its fourth quarter and full fiscal year ended January 31, 2025. "We delivered significant sequential improvement in cash usage throughout fiscal 2025," said Mansi Khetani, CFO of ChargePoint. "Cash used for operating activities, a close proxy for our total cash consumption, declined significantly to $3 million in the fourth quarter, down from $31 million in the third quarter. This was due to higher gross margins, lower operating expenses, reduced inventory and other improvements to working capital. ChargePoint’s focus on operational excellence is delivering results." Fourth Quarter Fiscal 2025 Financial Overview Revenue. Fourth quarter revenue was $101.9 million, down 12% from $115.8 million in the prior year’s same quarter. Networked charging systems revenue for the fourth quarter was $52.6 million, down 29% from $74.0 million in the prior year’s same quarter. Subscription revenue was $38.3 million, up 14% from $33.5 million in the prior year’s same quarter. Gross Margin. Fourth quarter GAAP gross margin was 28% as compared to 19% in the prior year's same quarter, and non-GAAP gross margin was 30% as compared to 22% in the prior year's same quarter. Operating Expenses . Fourth quarter GAAP operating expenses were $83.6 million, down 27% from $115.3 million in the prior year's same quarter. Non-GAAP operating expenses were $52.0 million, down 30% from $74.7 million in the prior year's same quarter. Net Income/Loss. Fourth quarter GAAP net loss was $64.6 million, down 32% from $94.7 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $30.2 million, down 41% from $51.6 million in the prior year's same quarter. Non-GAAP Adjusted EBITDA Loss was $17.3 million, down 62% from $45.3 million in the prior year's same quarter. Liquidity. As of January 31, 2025, cash and cash equivalents on the balance sheet was $225.0 million, ChargePoint's $150.0 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028. Shares Outstanding. As of January 31, 2025, the Company had approximately 456 million shares of common stock outstanding. Story Continues Full Fiscal 2025 Financial Overview Revenue. For the full year, revenue was $417.1 million, down 18% from $506.6 million in the prior year. Networked charging systems revenue for the full year was $234.8 million, down 35% from $360.8 million in the prior year, and subscription revenue was $144.3 million, up 20% from $120.4 million in the prior year. Gross Margin. Full year GAAP gross margin was 24% as compared to 6% in the prior year. Full year non-GAAP gross margin was 26% as compared to 8% in the prior year. Operating Expenses . Full year GAAP operating expenses were $353.7 million, down 26% from $480.1 million in the prior year. Non-GAAP operating expenses were $243.4 million, down 26% from $330.0 million in the prior year. Net Income/Loss. Full year GAAP net loss was $282.9 million as compared to $457.6 million in the prior year. Full year non-GAAP pre-tax net loss was $159.2 million as compared to $296.7 million in the prior year. Non-GAAP Adjusted EBITDA Loss was $116.5 million as compared to $272.7 million in the prior year. For reconciliation of GAAP and non-GAAP results, please see the tables below. Business Highlights ChargePoint and General Motors collaborated to accelerate EV charging infrastructure growth in North America, with plans to install hundreds of ultra-fast charging ports at strategic locations across the country in 2025. ChargePoint and the Colorado Energy Office announced the completion of six EV fast charging corridors along Colorado highways, doubling the coverage of DC fast charging across the state. ChargePoint introduced two innovative solutions to combat EV charger vandalism, including the industry’s first cut-resistant charger cable, and ChargePoint® Protect, an alarm system designed to increase charging station security. First Quarter of Fiscal 2026 Guidance For the first fiscal quarter ending April 30, 2025, ChargePoint expects revenue of $95 million to $105 million. ChargePoint remains committed to its plans of achieving positive non-GAAP Adjusted EBITDA during a quarter in fiscal year 2026. ChargePoint is not able to present a reconciliation of its forward-looking non-GAAP Adjusted EBITDA goal to the corresponding GAAP measure because certain potential future adjustments, which may be significant and may include, among other items, stock-based compensation expense, are uncertain or out of its control, or cannot be reasonably predicted without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on ChargePoint's GAAP Net Loss. Conference Call Information ChargePoint will host a webcast today at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review its fourth quarter and full fiscal year 2025 financial results. Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint’s investor relations website ( investors.chargepoint.com ) under the "Events and Presentations" section. A replay will be available after the conclusion of the webcast and archived for one year. About ChargePoint ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. For more information, visit the ChargePoint pressroom , the ChargePoint Investor Relations site , or contact the ChargePoint press office or Investor Relations . Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our plans to expand charging infrastructure with General Motors in North America, our projected revenue for the first quarter of fiscal year 2026 and our goal to achieve positive non-GAAP Adjusted EBITDA during a quarter in our fiscal year 2026. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other events beyond our control on the overall economy which may reduce demand for our products and services, geopolitical events and conflicts, adverse impacts to our business and those of our customers and suppliers, including due to supply chain disruptions, tariffs, component shortages, and associated logistics expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacturers' plans and strategies to transition to predominately manufacture EV and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for the majority of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental policies, rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; our ability, and our reliance on our customers, to successfully implement, construct and manage state, federal and local charging infrastructure programs in accordance with the respective terms of such program in order to validly secure and obtain awarded funding and win additional grant opportunities; our ability to successfully partner with third-party charge point operators and identify sufficient suitable locations for the expansion of our charging infrastructure program with General Motors, our reliance on contract manufacturers, including those located outside the United States, may result in supply chain interruptions, delays and expense increases which may adversely affect our sales, revenue and gross margins; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins due to delays and costs associated with new product introductions, inventory obsolescence, component shortages and related expense increases; adverse impact to our revenues and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on December 6, 2024, which is available on our website at investors.chargepoint.com and on the SEC’s website at www.sec.gov . Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. Use of Non-GAAP Financial Measures ChargePoint has provided financial information in this press release that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). ChargePoint uses these non-GAAP financial measures internally in analyzing its financial results. ChargePoint believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends and believes they provide meaningful supplemental information to investors regarding ChargePoint’s underlying operating performance because they exclude items ChargePoint believes are unrelated to, and may not be indicative of, its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with ChargePoint’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of ChargePoint’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. Non-GAAP Gross Profit (Gross Margin). ChargePoint defines non-GAAP gross profit as gross profit excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, and amortization expense of acquired intangible assets Non-GAAP gross margin is non-GAAP gross profit as a percentage of revenue. Non-GAAP Cost of Revenue and Operating Expenses (includes Non-GAAP research and development, Non-GAAP sales and marketing and Non-GAAP general and administrative). ChargePoint defines non-GAAP cost of revenue and operating expenses as cost of revenue and operating expenses excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of convertible debt. Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of convertible debt. These amounts reflect the impact of any related tax effects. Non-GAAP pre-tax net loss is non-GAAP net loss adjusted for provision for income taxes. Non-GAAP Adjusted EBITDA Loss . ChargePoint defines non-GAAP adjusted EBITDA loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, and facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of convertible debt, and further adjusted for provision of income taxes, depreciation, interest income and expense, and other income and expense (net). Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures to analyze financial results and trends. In particular, many of the adjustments to ChargePoint’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future, such as stock-based compensation, which is an important part of ChargePoint’s employees’ compensation and impacts hiring, retention and performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that ChargePoint excludes in its calculation of non-GAAP financial measures may differ from the components that other companies exclude when they report their non-GAAP results. In the future, ChargePoint may also exclude other expenses it determines do not reflect the performance of ChargePoint’s operating results. CHPT-IR ChargePoint Holdings, Inc. PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts; unaudited) Three Months Ended January 31, Twelve Months Ended January 31, 2025 2024 2025 2024 Revenue Networked charging systems $ 52,620 $ 74,034 $ 234,802 $ 360,822 Subscriptions 38,272 33,510 144,325 120,445 Other 10,997 8,289 37,956 25,372 Total revenue 101,889 115,833 417,083 506,639 Cost of revenue Networked charging systems 50,199 68,814 223,351 386,149 Subscriptions 17,406 20,099 71,218 73,595 Other 5,584 4,515 21,833 16,777 Total cost of revenue 73,189 93,428 316,402 476,521 Gross profit 28,700 22,405 100,681 30,118 Operating expenses Research and development 30,415 55,219 141,276 220,781 Sales and marketing 24,514 33,641 130,890 150,186 General and administrative 28,720 26,475 81,514 109,102 Total operating expenses 83,649 115,335 353,680 480,069 Loss from operations (54,949 ) (92,930 ) (252,999 ) (449,951 ) Interest income 1,417 3,435 8,347 9,603 Interest expense (8,008 ) (6,600 ) (30,494 ) (16,273 ) Other income (expense), net (2,299 ) 1,165 (3,389 ) (1,009 ) Net loss before income taxes (63,839 ) (94,930 ) (278,535 ) (457,630 ) Provision for income taxes 805 (183 ) 4,372 (21 ) Net loss $ (64,644 ) $ (94,747 ) $ (282,907 ) $ (457,609 ) Net loss per share, basic and diluted $ (0.14 ) $ (0.23 ) $ (0.65 ) $ (1.22 ) Weighted average shares outstanding, basic and diluted 447,583,115 419,185,407 433,489,800 375,529,883 ChargePoint Holdings, Inc. PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) January 31, 2025 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 224,571 $ 327,410 Restricted cash 400 30,400 Accounts receivable, net 95,906 124,049 Inventories 209,262 198,580 Prepaid expenses and other current assets 36,435 62,244 Total current assets 566,574 742,683 Property and equipment, net 35,361 42,446 Intangible assets, net 66,175 80,555 Operating lease right-of-use assets 14,680 15,362 Goodwill 207,540 213,750 Other assets 7,845 8,567 Total assets $ 898,175 $ 1,103,363 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 64,050 $ 71,081 Accrued and other current liabilities 124,679 159,104 Deferred revenue 105,017 99,968 Total current liabilities 293,746 330,153 Deferred revenue, noncurrent 134,198 131,471 Debt, noncurrent 300,395 283,704 Operating lease liabilities 15,267 17,350 Deferred tax liabilities 12,036 11,252 Other long-term liabilities 10,903 1,757 Total liabilities 766,545 775,687 Stockholders' equity: Common stock 46 42 Additional paid-in capital 2,054,296 1,957,932 Accumulated other comprehensive loss (25,433 ) (15,926 ) Accumulated deficit (1,897,279 ) (1,614,372 ) Total stockholders' equity 131,630 327,676 Total liabilities and stockholders' equity $ 898,175 $ 1,103,363 ChargePoint Holdings, Inc. PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) Twelve Months Ended January 31, 2025 2024 Cash flows from operating activities Net loss $ (282,907 ) $ (457,609 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 29,192 28,486 Non-cash operating lease cost 3,535 4,343 Stock-based compensation 75,651 117,327 Amortization of deferred contract acquisition costs 3,207 2,859 Inventory impairment — 70,000 Non-cash interest expense 21,611 — Reserves and other 26,556 8,439 Changes in operating assets and liabilities: Accounts receivable, net 17,371 36,510 Inventories (17,048 ) (173,661 ) Prepaid expenses and other assets 2,274 7,002 Accounts payable, operating lease liabilities, and accrued and other liabilities (35,631 ) (5,466 ) Deferred revenue 9,242 32,829 Net cash used in operating activities (146,947 ) (328,941 ) Cash flows from investing activities Purchases of property and equipment (12,073 ) (19,424 ) Maturities of investments — 105,000 Net cash provided by (used in) investing activities (12,073 ) 85,576 Cash flows from financing activities Debt issuance costs related to the revolving credit facility — (2,882 ) Proceeds from the issuance of common stock under employee equity plans, net of tax withholding 10,507 12,054 Proceeds from issuance of common stock in connection with ATM offerings, net of issuance costs 10,214 287,198 Change in driver funds and amounts due to customers 7,817 13,691 Settlement of contingent earnout liability — (3,537 ) Net cash provided by financing activities 28,538 306,524 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,357 ) 89 Net decrease in cash, cash equivalents, and restricted cash (132,839 ) 63,248 Cash, cash equivalents, and restricted cash at beginning of period 357,810 294,562 Cash, cash equivalents, and restricted cash at end of period $ 224,971 $ 357,810 ChargePoint Holdings, Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, unaudited) Three Months Ended J anuary 31, 2025 Three Months Ended J anuary 31, 2024 Twelve M onths Ended J anuary 31, 2025 Twelve M onths Ended J anuary 31, 2024 Cost of Revenue: GAAP cost of revenue (as a percentage of revenue) $ 73,189 72% $ 93,428 81% $ 316,402 76% $ 476,521 94% Stock-based compensation expense (1,233 ) (1,375 ) (5,102 ) (6,154 ) Amortization of intangible assets (748 ) (770 ) (3,049 ) (3,061 ) Restructuring costs (1) — ... (632 ) (960 ) (1,628 ) Non-GAAP cost of revenue (as a percentage of revenue) $ 71,208 70% $ 90,651 78% $ 307,291 74% $ 465,678 92% Gross Profit: GAAP gross profit (gross margin as a percentage of revenue) $ 28,700 28% $ 22,405 19% $ 100,681 24% $ 30,118 6% Stock-based compensation expense 1,233 1,375 5,102 6,154 Amortization of Intangible Assets 748 770 3,049 3,061 Restructuring costs (1) — 632 960 1,628 Non-GAAP gross profit (gross margin as a percentage of revenue) $ 30,681 30% $ 25,182 22% $ 109,792 26% $ 40,961 8% Operating Expenses: GAAP research and development (as a percentage of revenue) $ 30,415 30% $ 55,219 48% $ 141,276 34% $ 220,781 44% Stock-based compensation expense (8,186 ) (11,131 ) (37,050 ) (50,935 ) Restructuring costs (1) — (7,540 ) (2,867 ) (11,722 ) Non-GAAP research and development (as a percentage of revenue) $ 22,229 22% $ 36,548 32% $ 101,359 24% $ 158,124 31% GAAP sales and marketing (as a percentage of revenue) $ 24,514 24% $ 33,641 29% $ 130,890 31% $ 150,186 30% Stock-based compensation expense (1,453 ) (5,541 ) (15,875 ) (22,934 ) Amortization of intangible assets (2,207 ) (2,286 ) (9,036 ) (9,079 ) Restructuring costs (1) — (500 ) (5,067 ) (1,843 ) Non-GAAP sales and marketing (as a percentage of revenue) $ 20,854 20% $ 25,314 22% $ 100,912 24% $ 116,330 23% GAAP general and administrative (as a percentage of revenue) $ 28,720 28% $ 26,475 23% $ 81,514 20% $ 109,102 22% Stock-based compensation expense (3,696 ) (7,345 ) (17,624 ) (37,314 ) Restructuring costs — (3,981 ) (933 ) (13,061 ) Other adjustments (2) (16,085 ) (2,279 ) (21,814 ) (3,172 ) Non-GAAP general and administrative (as a percentage of revenue) $ 8,939 9% $ 12,870 11% $ 41,143 10% $ 55,555 11% GAAP Operating Expenses (as a percentage of revenue) $ 83,649 82% $ 115,335 100% $ 353,680 85% $ 480,069 95% Stock-based compensation expense (13,335 ) (24,017 ) (70,549 ) (111,183 ) Amortization of intangible assets (2,207 ) (2,286 ) (9,036 ) (9,079 ) Restructuring costs (1) — (12,021 ) (8,867 ) (26,626 ) Other adjustments (2) (16,085 ) (2,279 ) (21,814 ) (3,172 ) Non-GAAP Operating Expenses (as a percentage of revenue) $ 52,022 51% $ 74,732 65% $ 243,414 58% $ 330,009 65% Net Loss: GAAP net loss (as a percentage of revenue) $ (64,644 ) (63)% $ (94,747 ) (82)% $ (282,907 ) (68)% $ (457,609 ) (90)% Stock-based compensation expense 14,568 25,392 75,651 117,337 Amortization of intangible assets 2,955 3,056 12,085 12,140 Restructuring costs (1) — 12,653 9,827 28,254 Other adjustments (2) 16,085 2,279 21,814 3,172 Non-GAAP net loss (as a percentage of revenue) $ (31,036 ) (30)% $ (51,367 ) (44)% $ (163,530 ) (39)% $ (296,706 ) (59)% Provision for income taxes 805 (183 ) 4,372 (21 ) Non-GAAP pre-tax net loss (as a percentage of revenue) $ (30,231 ) (30)% $ (51,550 ) (45)% $ (159,158 ) (38)% $ (296,727 ) (59)% Depreciation 4,032 4,270 17,107 16,345 Interest income (1,417 ) (3,435 ) (8,347 ) (9,603 ) Interest expense 8,008 6,600 30,494 16,273 Other expense (income), net 2,299 (1,165 ) 3,389 1,009 Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue) $ (17,309 ) (17)% $ (45,280 ) (39)% $ (116,515 ) (28)% $ (272,703 ) (54)% (1) Consists of restructuring costs for severances and employment-related termination costs, and facility and other contract terminations. (2) Consists of non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. View source version on businesswire.com: https://www.businesswire.com/news/home/20250304184487/en/ Contacts Investor Relations Nandan Amladi Vice President, Finance and Investor Relations nandan.amladi@chargepoint.com investors@chargepoint.com Press John Paolo Canton Vice President, Communications JP.Canton@chargepoint.com AJ Gosselin Director, Corporate Communications AJ.Gosselin@chargepoint.com media@chargepoint.com View Comments Terms and Privacy Policy Privacy Dashboard More Info Recommended Stories
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